News

Court battle over ‘lost’ Florida villas

Eleven investors from the west of Ireland including an Allied Irish Bank branch manager, a Fine Gael mayor and a former Fianna Fail councillor are battling in the Florida courts to salvage a $15m (10.4m) property investment near Disney World.

The syndicate was promised a 7% return on its investment after 100 holiday villas were built and leased. It was set up by Kevin Barry, an accountant based in Clifden, and Declan Maher, manager of an AIB branch in the Galway town.

The investors, known as Emerald Gables, are suing Buena Vista Corporation (BVC) for non-performance because the villas weren't built.

Sham Maharaj, chief executive of BVC, has accused Barry and Maher of being responsible for the delay in the project, saying they didn't line up the necessary financing for the $75m project. Barry and Maher trade as BMB Marketing.